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November 8, 2017

Banks lead stocks lower

NEW YORK (AP) — U.S. stocks slipped Tuesday as smaller companies and banks took their worst losses in a few months. With stock indexes near record highs, investors moved some money into big-dividend stocks like real estate companies.

Banks and other financial companies have been climbing over the last two months, but Tuesday they skidded as interest rates moved lower. Small, domestically-focused companies had their worst day since mid-August as House Republicans began making changes to their tax bill. Their Senate counterparts are expected to introduce their own bill soon. Smaller companies tend to pay higher tax rates than their bigger peers because they make more of their money in the U.S. and don't have as many ways to reduce their taxes.


 
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